RiskTech Forum

Consider: Refocusing Internal Control Lens on Management Review Controls

Posted: 1 August 2018  |  Source: Consider Solutions


Deloitte have recently released an interesting report in relation to the 15 year anniversary of Sarbanes Oxley. While anniversaries are usually an opportunity to celebrate and reflect on accomplishments. Instead of celebration, the 15-year reflection was met by several observations from management:

Management is also challenged by Management Review Controls (MRC), spending time and resources to address continued control deficiencies, significant deficiencies or material weaknesses and answer questions from auditors to meet regulatory expectation

We thought we would put together a brief synopsis of the message they extrapolated – exploring how management can refocus their internal control lens related to MRCs by providing insights around pillars of success, common challenges, and how world-class organizations are modernizing and renewing their focus into the ICFR program.

It’s clear its time to move on from the MRC’s of old, when SOX was first introduced and make it work for us in the new era, using latest techniques and technologies to consolidate our efforts.

What are the issues that management are currently grappling with:

But some people have already refocused their controls lens and are leading in the World Class organizations standards, how are they doing it:

If you want to read the full report you can find and download it here.